Updated Jul 6, 2026
FINANCEDDevelopment Site
KeyBank Provides $56 Million Construction Loan For Clover Glen II Development In Galloway, OH
5711 West Broad Street
$56,000,000
Units
96
Asset Type
Development Site
Closing
Jun 25, 2026
About this deal
AI
5711 West Broad Street is a development site located in Galloway, OH. The property focuses on affordable senior housing and is part of the Clover Glen II project, consisting of 96 units. The financing for this project has been facilitated by KeyBank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $56,000,000
- Lender: KeyBank
- Landlord: National Church Residences
- Loan Type: Construction
- Location: Galloway, OH
- Tax-Exempt Bonds Underwritten: $13.82 million
KeyBank structured the transaction, with David Lacki and Ryan Olman involved in the financing process. The financing package includes construction, permanent, and LIHTC funding designed to support the borrower, National Church Residences.
Players
KeyBankLender
NR
National Church ResidencesLandlord
Westboro Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93